SandRidge Energy’s board of directors responded to two big hedge funds today and defended its Chairman and CEO Tom Ward against allegations his family is improperly benefiting from deals with SandRidge.

The energy company has come under fire from TPG-Axon and Mount Kellett Caapital Management LP, two large shareholders, who have criticized the board and management for their corporate governance and strategy and urged Ward to be replaced.

Specifically, TPG alleged earlier this week that several entities tied to Ward and his family have been “active in acquiring acreage and mineral rights ahead of the company, and in many instances ‘flipping’ the rights to SandRidge.”

SandRidge’s board said Friday it had “has reviewed issues related to these allegations several times over the Company’s history and has found no wrongdoing to have taken place.”

Still, the board did say it while its views may be different than its shareholders on the matters, it does “value the input” from holders and is considering requests that it appoint an independent counsel and further investigate.

The board said WCT Resources, the company TPG raised questions about, is set up by a trust for Ward’s children and is run by his adult sun and others “who are independent from the Company and have no access to non-public information” about SandRidge.

Yeah right! I'm sure they'll bribe another cronie to conduct this "investigation" who will not surprisingly find nothing wrong. Sandridge's CEO and Board are crooked and do not have the interest of shareholders in mind.

9:48 am January 25, 2013

Dave wrote :

Sandridge and Tom Ward will consider hiring another BUDDY to watch out for the shareholders????YEAH?

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